AI computing company Nscale files for U.S. IPO, plans to raise $3 billion, with Nvidia holding over 5% stake.

Beating AI News Flash: AI data center operator Nscale has publicly filed an IPO application with the U.S. SEC, planning to list in New York and raise up to $3 billion, with the proposed ticker symbol NSCL. The company was spun off from a cryptocurrency mining business in early 2024 and has since transformed into an AI computing infrastructure service provider.

The prospectus shows that as of August 2026, Nscale owns and controls data center power capacity exceeding 10GW, with total contract value of approximately $103 billion, including a $45 billion lease contract committed by Anthropic in August of this year. The company's clients and partners include Nvidia, Microsoft, and others.

Nscale's revenue is growing rapidly, but losses are expanding in tandem. For the six months ended June 30, the company reported revenue of $140.6 million, a year-over-year increase of more than 12-fold; net loss was $1.02 billion, compared with a loss of $368.9 million in the same period last year.

In March of this year, Nscale completed a Series C funding round led by Aker ASA and 8090 Industries, with participation from Nvidia, Nokia, and others, at a valuation of approximately $14.6 billion. The prospectus shows that Nvidia holds more than 5% of Nscale's shares, but they are non-voting shares. Additionally, Nscale plans to issue $1 billion in unsecured convertible loan notes or non-voting shares to Nvidia.

Nscale is currently accelerating the expansion of AI data centers. Its Monarch campus in West Virginia is expected to reach 2GW of power capacity when it comes online in 2028, with plans to expand to approximately 8GW by 2031. In July of this year, the company also announced the acquisition of AI software company Anyscale for $1.65 billion, further extending into AI computing software services.

Goldman Sachs, JPMorgan, and Morgan Stanley are serving as lead underwriters for the IPO.